Apparently, it seems like ALIBABA has broken its own sales records in China’s singles day. It is twenty-four hours shopping extravaganza that is quite similar to that of Black Friday in the US.
The event occurs on the 11th of November every year. This event was started in the 1990s to commemorate the lonely hearts. It is kind of an anti- Valentine’s day. Alibaba has helped to convert it into one of the biggest shopping events.
As per numbers go, Alibaba Cloud processed 325,000 orders per second at peak, as stated by the company. Alipay processed 1.5 billion payment transactions in total, up 41% from 2016, and processed 256,000 transactions per second at peak. On the other hand, the e-commerce said gross merchandise volume (GMV) settled through Alipay clocked in at RMB168.3 billion – $25.3 billion – 39% above last year’s RMB120.7 billion ($17.8 billion). Now that’s really some big numbers. To increase sales, Alibaba came up with an innovative idea. Hangzhou based Alibaba expanded the number of discounted items in the year’s event and has also put in a great emphasis on live streaming via its platforms to help sell goods. Alibaba has often been associated with the mega shopping event. Even Southeast Asia’s e-commerce platforms have also jumped into this business bandwagon, it seems.